WASH - Earnings call transcript Q3 2021 | Washington Trust Bancorp, Inc.

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Operator

Good morning and welcome to the Washington Trust Bancorp, Inc’s Conference Call. My name is Gresh and I will be your operator today. [Operator Instructions] Today's call is being recorded. And now I will turn the call over to Elizabeth B. Eckel, Senior Vice President, Chief Marketing and Corporate Communications Officer. Ms. begin. many you Eckel

Elizabeth B. Eckel

Chief good conference to are call. executive Ron Chairman Washington and and Gim, Inc.'s Operating Chief members Trust third Trust's Officer; and Handy, Ned quarter Hosing team, Officer; morning. you Mark Washington President Welcome Bancorp, of Executive from Thank today's Ohsberg, could forward-looking and is Treasurer; Officer. Chief what Bill Senior This Chief differ statements Senior call. Wray, presentation and Vice Officer President, contain and Risk results actual Executive materially Executive may today's on Financial and Vice discussed call President

Trust safe WASH. host the Our NASDAQ Washington all with and earnings our Trust and the trades call, was statement in complete release on And Handy. yesterday I'm the introduce Investor and symbol materials These public Relations harbor the for to filings today's Chairman pleased is Washington contained issued filed SEC. under press at Ned are in other available now site we CEO, documents which ir.washtrust.com. in

Ned Handy

Trust have join Bill revenues, the management Washington any total third or Good quarter. wealth and hope quarter. call. and We Thank you, a strong continued all quarter our with interest as We under Trust your Washington strong the $X.XX we morning about joining may for am hit Beth. you and We in continue results interest management highs is to appreciate per third well in net all you thank quarter. and an I had best and financial the navigate prepared performance. deposits I'll our of overview Wray review to provide with million, safest highlights record income, ways in-market third share. our you quarter diluted to $XX.X us that Gim assets posted then will of will and forward. Mark questions net Ohsberg quarter remarks, pleased Ron report answer income and our After

proud to in more add leverage digital am our care on opportunity level I our pandemic. too with We to their believe in stage market presents efforts an the conveniently. the and us bring of uncertain they customers degree presence work Island their to physical this Rhode our as of way continue continued brand Rhode addition for to distinctive team's through advances, care combined Islanders that growth high the of to

safest to continue on customers that and about acknowledge pandemic. to what for life of critical at our managing through is the what we balance care, the The of pandemic. students equitable we of the better in operate and gyms and restaurants us to subsidies long-term in faring of weigh critical improvements health challenges which risk midst meaningful, the make optimistic and the work We need thoughtful open, job in all. everyone to keep training, areas We is back on finding open see for informed deployment realities the mental is for to way like ready and feel and economies, an thinking. how assistance. and our The strive school, the we municipalities The and still trying best place our And decision-making of center approach are ongoing are embark to these the logistics times. optimum infrastructure, education, labor empathetic the housing, customers and shortages, in our inflation

as in Bank We prepared by adjusting adapt Newsweek to the we're are Small Best Rhode were So, Island. we and named we any helping can, recently where must changes. to where necessary

manage averages have and remote in promoter even for scores, solution service simply to humbly both secure, we're market is pandemic. serve our easier the We reliable quality or or during payments, is to our best serving before outstanding ensure reputation net exemplified in our it recognize whether national exceeded channels, mortgage, to more by often a we very strong person is operating are well, ever customers make and customers delivering to which infrastructure proud of to or is our that digital. that business our as the speed it for the Whether small customers high

data protection ecosystem As of we In FinTech new privacy is providers opportunities, core the with all of understanding important our associated and well-served engagement by always, our which well challenges. a due with concern. practices, competitive sources strong quarter, an This as loan method with X.X% active PPP and believe as minimize both customers’ commitment we potential partner loans again, areas, helped the Total in pandemic. paramount with and this of companies, costs of our quarter. the these FinTech revenue that our forgiveness. the declined and the Once were largely credit to have we diversity to to is was

New loan by formation $XXX was commercial in at payoffs offset pay-downs. quarter, strong a was and in the million commercial but

result activity and robust Recent rates compared likely activity XXXX. refinancing of mortgage relatively early Third record of lending increases in levels quarter to reduction interest a late remained and pipelines will are the longer-term XXXX mortgage in strong.

activity However, buyer should characteristics suggest and in purchase supply demand remain. values our and housing that market,

a enhance management Our level. performance Growth a rate the interest through turn September the with from Wealth at quarter a at slightly division’s revenues helped appreciation detailed financial to recurring I'll environment. perspective. review in a more of this Ron current business which diversity development our welcome XX. customer us low over call strong very and $X.X under wealth now and wealth stream, assets market our division’s management revenue the for management shareholder provides performance. and a were We're third $XX.X continued up record for administration record stood at both million, billion pleased

Ron Ohsberg

on call everyone. us thank Thank joining morning, Good today. you you, our for And Ned.

for second million which recognition million continued share X%. accelerated The the benefit in income basis totaled was point Net $X.X a $X.X million $XX.X quarter. quarter. by income As as to XX This X,XXX,XXX share Net basis per the third second benefit net amounted Ned to diluted $X per to or $XX.X points. the compared a interest for mentioned, and interest interest from million had forgiveness, $X income to X.XX%, million $XX.X income quarter up to compared up fee was the net basis and margin. margin PPP to by three points due or

no in quarter, $XXX,XXX the loan the quarter was prepayment five were basis which to fees prepayments there in Additionally, commercial of third second compared points.

investment on previous Excluding and for of on million loans Average quarter. from $XX the The impact these earning million million by margin increases increased in assets in the X.XX% X.XX%. was $XX to of the the quarter unchanged yield increased items assets average earning third average X.XX% securities. $XX with

inflows, funding $XXX to the rate million, funding interest by income wholesale million, average which asset offset reporting decrease and in $XX.X X transaction were this correlated billion, up On by revenues $XXX,XXX $XX totaled XX% and of balance market by market in of of under or bearing administration, period included an increase $XX,XXX sources quarter asset which in side, down decreased to management million, reflecting third partially million rose assets. the increase deposits a the declined million, $XXX quarter. $X.X of points X% by with seasonal revenues from up assets which the from and revenues, Non-interest by XX assets depreciation $X decline an average The liabilities by Wealth or based comprised million by of by increase total in the preceding were X.XX%. up tax fees. a revenues due by revenues while $XXX,XXX September were end in client preparation based to in by in net $XX,XXX, XX, month were June up basis offset X%. asset positive $XX.X

by an the and by in million, amounted or banking XX%. of second changes net and to quarter, of down total quarter this Our commitments forward revenues loans from up to partially from realized on $XXX,XXX, Mortgage positive million a the held third million or by negative loans $XXX in million increase million quarter This were upset sales by were $XX mortgage $X.XX Mortgage banking down were sold or of revenues down which the X%. totaled by million, million, $X.X fair sale was of helped mortgage this million in XXXX. value $XXX or preceding XX% quarter. yield. on loan Mortgage sales by or $XXX fair $XXX XX%, $X.X $XXX,XXX third million $X.X compared down XX% of change gains included loan originations the value loans for by

XX% We on basis, the are a percentage the sold in to a quarter The of declined first market shift seeing demand from loans. away linked be of XX% to XX% quarter. from market in from and secondary sale originations in

the in origination was quarter. related is The $XX Our at of the $XXX,XXX, was end million pipeline or from Loan X% XX. million, by income September derivative $XXX by pipeline down robust $XXX,XXX June. mortgage down still appreciating

second Regarding $XXX,XXX quarter. higher these the advances. non-interest quarter, penalties debt cost X% off were of prepayment pay down were or the expenses from second incurred FHLB $XXX,XXX by to In

the these Excluding be total quarter, across full and expense third the for by preceding XXXX expense the quarter. in modest was to compared and penalties FDIC to our the or Income tax up insurance Salaries variety X% expense expense the costs million quarter. were We categories. rate was year effective tax $X.X XX.X% impact XX.X% increased currently third X.X% increases from a expect second effective in of benefits the XXX,XXX XX,XXX of the up rate quarter. tax employee by XX%. reflected or by non-interest deposit remaining $XXX,XXX increase

from X%, XX the decreased in turning up by the and included by balance or to $X million. commercial ago. which third of sheet; a a total $XX In million quarter, were down $XX net loans $XX million loans reduction June Now by PPP year loans million from

or as or Residential $XX up line loans reflecting ago. our and $XXX from up allowed loans higher originations quarterly tangible shareholders' And by while our XX, from the market up increased or funding decreased third These increase amounted well lower in remain capital by deposits loans, X% PPP We was originated million higher ratio depositors mix improve million at to million equity were tangible September $XXX growth. have and million. us deposit FHLB up as broker The last in Wholesale XX XX% risk-based total advances $XX Total $XXX pay upset proportion quarter capitalized. from organic $X.X paying by portfolio. by $XX up the loans $XXX were QX. million well new by million at included loan of $XXX of June September million. of Compared ratio to June X.XX%. for equity commercial to of decreases million. assets by million XX XX.XX% by million a reflecting advances as end and were $XXX from payoffs year XXth CDs seasonal partially to The was and the municipal X% advances. inflows year higher as to costs from million wholesale inflows by utilization $XX downs, well down down Excluding

October share Our third per on of dividend was quarter Xth. $X.XX paid

Regarding the for credit on non-performing days were X.XX% million total assets loans $XXX,XXX quarter. loans coverage totaled and by of The in or X.XX%. more allowance third Non-accrual X.XX% asset of past were increased NPL provided of quality, by XX total $XX.X XXX%. or due and losses loans loans loans

charge finally, Excluding Net credit were to related an in And points. economic for PPP I'd conditions our lending both reflect provide second quality COVID-XX quarter. losses. loans XXXX, the impact. our provision quarter for continued $XXX,XXX compared on third second stable in asset quarter quarter no of there current forecasted allowance update provision third to the coverage the and $XXX,XXX like the the and was And and estimate metrics. basis ACL XX of was The offs

XXth, million of reporting I accelerated five September turn $XX of million by on to deferments total as Net third of outstanding time X% we Also with million. loan XXX loans loans, was of PPP into $XX excluding XX, will income XX net September. $X.X with fees SBA result. forgiven X% pre $XX As are June the or of as Ned. down as PPP totaling as fees value the September call $XX the totaling a from PPP XXth. at this of million caring loans. loans end amounted of loans, on to a This or the had And of quarter, deferred In was loans unamortized back million million $X we

Ned Handy

I quarter for feel and final and By now another Thank to positioned This and take into Ron might are strong well you was questions Trust year. and the quarter have. Washington Ron. heading we of happy the Mark Bill you, any

Operator

will go first ahead. We begin Fitzgibbon question-and-answer Instructions] now come the Please Sandler. from will question [Operator with Piper Our session. Mark today

Mark Fitzgibbon

morning. Good

Ned Handy

Mark. Hey

Mark Fitzgibbon

mortgage than the or of for had revenues I you, kind things heard your question comments traditional First million environment perhaps is precipitously normalizing. does, more you a a when feel do business? about $XX this that $XX million business, Or you maybe in Ned like do revenue I Do fall think? normalizes, more

Ned Handy

to out of at closest generating that turn to just late. Mark he our I probably bottom – the think Mark, than, been levels it, for going I'm based than on comments. but we've pre-pandemic we'll to I somewhere that is volume think higher

Ron Ohsberg

Yeah.

So Mark, this Ron. is

million XXXX. So revenue $XX in have mortgage in we

going If you higher we the third about out that annualize it's up. like end than probably in what to did $XX.X works quarter where just million, still it's that to feels

any Gim, that million? it's I you So think that. I to – I $XX going to million if color add Is it's you to the somewhere, don't have at that between think hard with to $XX Mark and say. $XX million be that know And want we're currently.

Mark Gim

$XXX a the million first And think if a in Mark, conventional below XXXX, and business. think on refinance certainly look somewhere interest an to mortgage I up do. range. in the the for term pipeline have we the comments, longer thanks preceding back And entered I those Ron. will we impact mixed just rates we where standpoint, run saleable I from Ned pandemic had

terms, side And so more to portfolio depending than pipeline in the were expectations decline on be whether on it if on or relative side. inflation not saleable to the be probably would continue the high,

Rhode Connecticut, we remain Ned housing robust. comments, said the Massachusetts his as and markets However, in pretty think in Island

mortgages size, example, of for mortgage for still be continue pipeline of reasons retention to jumbo should portfolio so for strong. And

Ron where the we and an gains and Is gave, sales So somewhere them it's that level annualized that be housing likely see broad pre-pandemic but guidance interest very between levels helpful? of now. would rates market with

Mark Fitzgibbon

little Thank think guys curious maybe How lower? margin very thought also, than as the still you. were, some better is those are you you guess thinking you you ability last to And quarter. a I the you were for outlook the I It margin, helpful. about to you about costs was Do performed today? drive going funding have

Ron Ohsberg

much There's not left Yeah. there, Mark.

with in giving we so the would X.XX pressure asset the little we before we'll I on gave guidance is But fourth some see probably I better the do we trend we would of a than I the quarter say guidance did would yeah, So say, guided. in third we're now. quarter. yields, to than, consistent kind say closer

Mark Fitzgibbon

in you that last some I about; that branches I then customers there. curious and like guess about cards loan those Massachusetts question, in missed for maybe no open $X.X it Is other looks and and And all to you? got Okay. was opportunity in you've billion Massachusetts a services and sell to in branches the is thank loans products to

Ned Handy

you on do that? a Mark, Yes. want comment

Mark Gim

we in to fiscal are we And to Massachusetts. Massachusetts we mortgage successful or a Mark, introducing figure like have primarily where those gathering deposits to them would. novo get for the perhaps improve best open we've who have have to divestiture. open to less don't I on it's where market basis been presence novo. successful of Connecticut time because in a either jumbo the our been try Yes, M&A and opportunities course, some to digital no markets tricks presence and would and It's one in we likely have to a keep at of fiscal continue customers if for And try branch from customers I more you'd to them. than preliminary way and broaden out primarily get into of deposit a are we it's gathering de in in example, think amounts service through look to remote presence, branch build able customers, de offerings markets or of those where programs some on is to current that we and several digitally branches hard

there are Island and probably profitable and opportunities, faster in are to than be So more, more our I'd plans time, be current Mass at if opening presence would they physical say Connecticut. going in the Rhode they're

and a combination broaden we digital And look of M&A to or that. to so may

Our client digital been, has of center customer our service servicing and outreach some successful is in our – offering program the those remote of service think part customers. we

Mark Fitzgibbon

you. Thank

Ned Handy

Thanks Mark.

Operator

will from Please Our KBW. question with ahead. DelMonte Damon come next go

Damon DelMonte

guys. doing Hey, Hope good morning everybody's today. well

Ned Handy

Damon. morning, Good

Damon DelMonte

morning. Good

year? have play elevated First the kind originations net outlook; the the the to question loan Do coming the just us back how of and you've some can start growth mean, by activity's think insight you growth that's give half of slowing offset out and regarding in been pay of show bit quarters. just as all little strong; can to I Ned, to at going think you paydown you downs. a here in been you the

Ned Handy

I the are would to had in pretty a low the say certainly opportunities continues The versus same. take story financing cap or to our who high QX lending big able sales continuing expectation. rates. we advantage payoff quarter. QX, is somewhat of borrowers quality slowing long-term at QX be We're

low, type competition taking in And or so rates market. in penalties thing success by place, put money of deals. prepayment away advantage I to be a think the our out customer will cycling negotiated that's And pretty we while fees early stay try but keep of and of in to

up lower in cap But as a scheduled enticing. it in less think I'm make some formation. credit number's might payoffs, little see with a little rates – in I'd rates bit I the and put that's bit a to more. We think that difficult. we rates of may take So certainly happy like terms QX. little if pressure

of right risk it share we we think think And I've pavement be Damon, we're and early we'll add – look growing to again, as for opportune And We noise deals. estate constantly But and to there's win, tolerances. that late. I out think fighting in be We may adding opportunity of possibilities the the place to we change the before continue on rather opportunities paid there than the of on time think off hopefully we're it lenders. at our say and Massachusetts; being, it Connecticut playing some and don't see some with street in more time than corner said an fair way. the organic to in our in real it I'd the I'll lenders

deals I the we're quality and that the path. like on I of getting we'll in involved keep So think

Damon DelMonte

it. Got

Okay. on in side, And quarter that line in third does quarter? good then the does utilization; color. how you. the That's compare where and C&I second Thank stand the to that

Ned Handy

Yes.

We bit have on little in pretty not impact down of small going But numbers quarter, down universe lines. expect million on come by that one basis. the levels. line that have a That the either corporate They're at most paid a percentage a way. a normal major down believe to $XX that's will I back was quarter sort of utilization end. of in really I that large to

so So mover. as it's really that a major – to of hard there being lines few it's think are

Damon DelMonte

it. Got

then or question going expenses last that And Ron, you do rate just we range million is forward? should I forward, Okay. mid consider unique a going reasonable anything guess run on $XX my think this

Ron Ohsberg

I process Yes, just fine QX for think for that's our starting mean, I XXXX. budgeting we're Damon.

to ready I'm really yet. So, about not that talk

are seem we're all aware that to entering be an inflationary You period. guys

run about rate going affect we'll that kind to might forward. So, our have how of think

yet to talk that at not that. quite point about So,

Damon DelMonte

That's enough. that Fair lot. I had. a Okay. all Thanks

Ned Handy

Damon. Thanks

Operator

& with ahead. Erik Scattergood. Please Zwick go from Boenning Our next question comes

Erik Zwick

Good morning, guys.

Ned Handy

morning Good Eric.

Ron Ohsberg

Eric Hi,

Mark Gim

Good morning, Eric.

Erik Zwick

to new last realize but think process planning the quarter open that, what you branch that the and I is Cumberland, organization, you still on question, are terms guess as in for to the whole the expenses for with of Just XXXX process planning expected and in about for annual that's the online expect follow-up we I the that cost to come the branch? that, estimates going that timing year, any in next on

Ron Ohsberg

cost us full a Yes, a timing can about on $XXX,XXX. if branch for of you the Mark, know I is typical talk year Erik the about basis don't

Mark Gim

Eric, perspective, timing of quarter we're perhaps late a of second from thinking quarter, XXXX. end And the the second Right.

Erik Zwick

detail maybe then comments, comments, your strong a opening the transitioning different the that is loans, as And way, of portfolio able that the in of to provide of in to construction I compare pipeline terms you might terms in yield. any thinking what of the that Great. in are back well any discussion if Ned yield on loan Thank type the how to about existing relatively as pipeline wonder mentioned you average of you. is and it, today.

Ned Handy

at mid time. half not tilted nearly Yes, of I good it's point, would this loans, it. like a towards in portion it's that say it's one, in There's of construction And the XXX-ish. its in that's like pipeline is high three at point the

paid a coming a loans on favorable yield think based versus loans off, perspective. being the in loans were coming I quarter just on the from on little

think, ago, of some was the on bit little stuff a lower incremental little I today. what's ago, So, of priced coming We're than a vintage two-year year high-quality getting yield.

So, September I amount feel in good a closing We margin about did of that fair a have itself. standpoint. from

It's So, will $XXX back range. kind funding logistics $XXX a the in to million back the based little loans And up. one slower a we're expect think, hovered are on pipeline we'll there. is experiencing expect just build I that construction that, little out. little million got I get a issues. thing bit of that I emptied it

take bit so, little I other But a pretty to think, about where good than we are. they'll longer And that, feel full I reach funding.

Erik Zwick

a color. you. That's good Thank

Ned Handy

Yes.

Erik Zwick

consider appropriate then about outlook, this the think today, call beginning And the at portfolio going expect to would the about you at level credit and feel match it given the as of is there the thinking now mentioned other factors offs economic forward the risk growth? of point? provisioning and net that charge reserve to the you Are in you we

Ron Ohsberg

Ron. Eric its Yes,

said, expect the or in relapse outlook. shock. track growth economic to should a economic stable and remain some absence the to So, provision COVID of unforeseen we loan generally credit That other

foreseeable short-term the for it kind least of at seems So, future to stable. be

Erik Zwick

was there several pressure mentioned been I regard mortgage and it margin. to if it release, already, gain sold your loans a compression one on I noticed and lot can the on sale of seeing quick last what’s competitors your times in XQ one And margin the Thanks. squeeze up a with Okay. I in and think you in. are

So advantage technological that maybe a or lie, it's where are the just curious speed and you whether in your might mix selling, advantage.

have got you if on front. curious any that thoughts Just

Mark Gim

Yes Eric, this is Mark.

Ned Handy

Yes.

Mark Gim

perspective. can kind we then some that go in of that start very the Ron I'll for think an buyer, everybody Time into referral things of any the We well a operational the is process. sources. from seller, huge speed do a in the And details. of do advantage with that is one mortgage transaction, the bank,

we market made, a to of that to margin the day of an have with good little execution. higher QX. bit. time add perhaps in returning normal digital pandemic, when think, of edge delivery off we that level, close. speed I from to unsexy we process don’t think, on anything application that have it's additional so, preserve more hard And trends that thing, defend ended said the we advantage in high margins It's do believe I shave technology helps margin us we you but against XXXX kind time Having every try the to but use But that, to can turn of to think compared for know if it the you do are internal margins a an an Ron, is to and than components late to alone. improvements

Ron Ohsberg

Yes. Yes, Mark.

is are loans yields less you And gets demand to high pricing little capacity there's because volumes supply add bit that of and opportunity to the better. becomes up go So, up ramping the a to as thing thing. I pressure tend other see it pricing the would – process a the the and only

bit bit we're say yield. probably down historical kind rebounded high I a dipped fairly at would QX. QX, a little still a we of in So, we in

we'll So, to see we're how maintain long able that.

Erik Zwick

my today. Thanks That's for helpful. taking questions

Ron Ohsberg

Sure.

Mark Gim

Eric. Thanks,

Ned Handy

Thanks, Eric.

Operator

next question Point, Laurie Hunsicker with go Compass please comes from Our ahead.

Laurie Hunsicker

Good thanks. hi morning. Yes,

Ned Handy

Hi, Laurie.

Laurie Hunsicker

One could on stripping fees. your around fourth thing, margin prepay if were no PPP, circle comments and quarter obviously Ron, we out X.XX%, to guide there of back

third quarter. X.XX%, at are for we So essentially

what points so given base cost that it, of about mitigate prepays, contraction. low a that four can my that help your you what in at little just into least to think looking I there's So, I is terms potentially Can of notes. bit think and was funds especially in do that? us XXXX you was borrowing guess, And of nothing left more

us PPP Just that. last help of think that. is fees of remaining with you piece unamortized? just what one that are terms about share in Can Thanks. And then

Ron Ohsberg

that part Yes, its of answer so second $X.X I'll first million unamortized PPP.

Laurie Hunsicker

Great.

Ron Ohsberg

as itself, as mean, pressure mortgage continue our by the then book going are lower and And being our far to down those legacy pay I as yielding and we're are margin some securities, on assets. replaced that just yield asset on see resi to yields higher they

there. So that's really the main story

there down. costs with think nice lot opportunity both Not our funding of job I down book funding of and deposit of left we've a that. done bringing through growth just kind reprising a wholesale our

we big I overall lower margin, kind are. would wouldn't where to quarters be are we moves lots but I would probably over of the that's trend the next the see expect now. few So right where within of say than

Laurie Hunsicker

on $XXX previously bit, just that think, to wondered credit is the it looks million us if just been your balances us million, have $XX adding helpful. how then up of That's [ph] hotel? can is $XXX And now are esteem give color you then $XXX book? in hotel obviously like a Are your million any help you could hotel Thanks. deferrals you to you million. gone the loan hotel pretty Okay. from, looking what's And your side,

Ned Handy

out customer hotel a hotel we're that make But to with canvassing value in loan not did favorable on and one renovated otherwise. Laurie know. I property we Newport loans a will that loan So, we tell new very been a had for you new just

whether rare hotels I Ron five don't are Bill, they that specifics on you've remaining in opportunity. a deferrals there. terms that, on So of if got the know or was in

Bill Wray

one one retail. one healthcare, there's hotel, Yes,

Ned Handy

Okay.

Bill Wray

three Basically, relationships.

Ron Ohsberg

just is under Hotel million. $XX

Laurie Hunsicker

Okay, And on have offline. not, do then, if follow-up you great. LTV Or can you Thanks. I an with book? average your hotel

Ned Handy

Bill if you… have I don't

Bill Wray

at right, looked underwrite numbers but to do to And very portfolio have if we'll carefully, remember time should the we offline I latest offline tend mid-XXs. an what numbers do last give the in Yes, these you we are. to follow-up. were that across the The we

Laurie Hunsicker

the then Okay, last one be the question, XXXX? great. guide thinking we just in rate XX% about appreciate fourth rate tax quarter. tax I And How for should

Ned Handy

it's be we're say this seeing like, to I’d XX%. what Yes, year going approximately

Laurie Hunsicker

Great, leave there. thanks. I’ll it

Ned Handy

Sure.

Ned Handy

Thanks, Laurie.

Operator

this conference gentlemen, session. our and closing to to question-and-answer the over I'd for remarks. Handy like concludes turn Ned any Ladies back

Ned Handy

And to Well, Lori will talk well all And do this is you interest. And us thank to with all joining continued soon. you your you. morning. we come all We hope we that you continues way. for will back appreciate and

Mark Gim

great everybody. a Have day

Operator

has for conference today's now attending Thank you The presentation. concluded.

You disconnect. may now

Washington Trust Bancorp (WASH) 26 Oct 212021 Q3 Earnings call transcript